I do not believe this bailout will help us in the long run, and I have some serious doubts it will help us in the short term. Our economy has not gotten to this point overnight.... so no one should believe it will be fixed overnight. It won't.
I guess what is frustrating to me most of all is that my ideals and what I believe to be right, are polar opposite to what our economic actions are in this country. I read something Paulson said.... "I won't bet against the American people ... We will work through this," Paulson said on NBC. "I wouldn't bet against the long-term fundamentals of the U.S. economy."
What long term fundamentals? Mr. Paulson will have to go way back in his memory to come up with some long-term findamentals he can bet on. Because for the past 40-50 years our society has put great stock in credit. Nothing for cash, everything for credit. And you know what? The average family is broke! There is little to no equity.
This article describes somewhat the $700 bailout process, and states: "If the Treasury tapped its full authority, the bailout would put every man, woman and child in the United States on the hook for more than $2,000." (Hey nice to know that even our infants will be on the hook for this one). The thing I find ironic in a very sarcastic way...is that we just received a rebate check from the government in July. It's purpose according to the government...to stimulate the economy. I'm thinkin' that didn't work very well. Oh, and now they'd like to take back that money and a bit more...in a bailout for Wall Street...
And they wonder why our confidence is shot.